America's Cup challenger backs out

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The Challenger of Record for the 34th America's Cup, Mascalzone Latino has just announced that it will not compete in the 34th America's Cup.

No announcement has yet been made by the America's Cup organizers as to what will happen next, in this unprecedented move, which had been tipped for some time.

The team headed by Italian shipping magnate Vincenzo Onorato cites an inability to raise sufficient sponsorship as the reason behind the withdrawal.

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